Two
cryptocurrency-focused companies, Figure Technology and Gemini Space Station, delivered
impressive market debuts last week, highlighting how digital asset firms are
driving a sharp rebound in the U.S. initial public offering (IPO) market after
months of sluggish activity.
Figure
Technology (NASDAQ: FIGR)
closed its first trading day Thursday with shares up 44% from its $25 offering
price, giving the blockchain-based home equity lender a market value of $7.6
billion. The New York company opened at $36 per share after raising $787.5
million in an upsized offering that priced above expectations.
At a key
moment, the stock price rose as high as $38 before closing the day at $31.11.
On Friday, the session ended with a gain at $32.50.
Today, on IPO day, we rang the bell at @Nasdaq, a milestone that marks both progress and possibility.
What began as an idea to reimagine capital markets through blockchain is becoming a reality with money moving faster, cheaper, and transparently. We’re just getting started. pic.twitter.com/gkDdWCydNl
— Figure (@Figure) September 11, 2025
A day
later, Gemini Space Station (NYSE: GEMI) shares jumped 32%
in their Nasdaq debut, valuing the cryptocurrency exchange at $4.4 billion. The
company founded by billionaire twins Cameron and Tyler Winklevoss opened at
$37.01, well above its $28 IPO price, after raising $425 million.
🎙️ @Gemini co-founders @Tyler & @Cameron Winklevoss, reflect on $GEMI’s journey to IPO day. Here’s to the future! #NasdaqListed pic.twitter.com/5mMcB85dhA
— Nasdaq Exchange (@NasdaqExchange) September 12, 2025
The strong
performances cap the busiest week for U.S. IPOs since July 2021, as companies
rush to capitalize on record-high equity markets and fading concerns about
trade policy volatility that had stalled new issues earlier this year.
Digital assets meet tradfi in London at the fmls25
Regulatory Climate Fuels
Crypto Interest
Both
companies benefited from improved regulatory conditions for digital assets
under the Trump administration, which has taken a more favorable stance toward
cryptocurrency businesses compared to previous oversight approaches.
“Gemini
has chosen the perfect time to capitalize on the favorable environment,
following the recent success of the Bullish IPO and regulatory shifts from a
pro-crypto administration,” said Jacob Zuller, analyst at Third Bridge,
quoted by Reuters.
Mike Cagney, the Co-Founder of Figure
Figure Co-Founder
Mike Cagney, who previously built fintech lender SoFi Technologies, positioned
his company differently from pure cryptocurrency plays that have struggled as
digital asset mania cooled. “Blockchain never loses an opportunity to
shoot itself in the foot,” Cagney told Reuters, emphasizing that treasury
strategies don’t represent the technology’s full potential.
Figure Focuses on Home
Lending Infrastructure
Figure
developed its own Provenance blockchain to handle home equity loan origination,
verification and processing. The company facilitated $6 billion in home equity
lending over the 12 months ending June 30, up
29% from the previous year.
Cagney said
10 of the top 20 mortgage companies now use Figure’s technology for loan
origination. “There are 20 or more large banks already using
Provenance,” added David Chao, general partner at early investor DCM
Ventures.
The
approach has helped Figure avoid the sharp stock price drops that hit companies
focused primarily on holding digital assets as investment vehicles.
Winklevoss Twins Stage
Comeback
Gemini’s
successful debut represents a notable turnaround for the Winklevoss brothers,
whose company had faced regulatory
scrutiny from the SEC and CFTC in recent years. The twins now hold roughly
75 million shares worth approximately $2.78 billion based on the IPO price.
The
exchange reported a net loss
of $282.5 million in the first half of 2025, significantly higher than the
$41.4 million loss in the same period last year. However, analysts expect
trading volumes to increase as institutional adoption accelerates.
“We’re
really excited to go into this next phase, improve transparency even further,
to the marketplace and to our partners,” said Dan Chen, Gemini’s chief
financial officer.
Market Timing Proves
Crucial
Both
offerings were heavily oversubscribed, with
Gemini’s IPO receiving 20 times more demand than shares available. Nasdaq’s
$50 million investment in Gemini earlier this week likely boosted investor
confidence in the exchange.
The debuts
add to
momentum from cryptocurrency exchange Bullish, whose shares more than
doubled in their first trade last month. Swedish fintech Klarna also
went public successfully Wednesday, suggesting broader appetite for
financial technology companies.
Gemini
joins Coinbase
and Bullish as publicly traded cryptocurrency exchanges, while Robinhood
also operates digital asset trading alongside its other financial services.
Two
cryptocurrency-focused companies, Figure Technology and Gemini Space Station, delivered
impressive market debuts last week, highlighting how digital asset firms are
driving a sharp rebound in the U.S. initial public offering (IPO) market after
months of sluggish activity.
Figure
Technology (NASDAQ: FIGR)
closed its first trading day Thursday with shares up 44% from its $25 offering
price, giving the blockchain-based home equity lender a market value of $7.6
billion. The New York company opened at $36 per share after raising $787.5
million in an upsized offering that priced above expectations.
At a key
moment, the stock price rose as high as $38 before closing the day at $31.11.
On Friday, the session ended with a gain at $32.50.
Today, on IPO day, we rang the bell at @Nasdaq, a milestone that marks both progress and possibility.
What began as an idea to reimagine capital markets through blockchain is becoming a reality with money moving faster, cheaper, and transparently. We’re just getting started. pic.twitter.com/gkDdWCydNl
— Figure (@Figure) September 11, 2025
A day
later, Gemini Space Station (NYSE: GEMI) shares jumped 32%
in their Nasdaq debut, valuing the cryptocurrency exchange at $4.4 billion. The
company founded by billionaire twins Cameron and Tyler Winklevoss opened at
$37.01, well above its $28 IPO price, after raising $425 million.
🎙️ @Gemini co-founders @Tyler & @Cameron Winklevoss, reflect on $GEMI’s journey to IPO day. Here’s to the future! #NasdaqListed pic.twitter.com/5mMcB85dhA
— Nasdaq Exchange (@NasdaqExchange) September 12, 2025
The strong
performances cap the busiest week for U.S. IPOs since July 2021, as companies
rush to capitalize on record-high equity markets and fading concerns about
trade policy volatility that had stalled new issues earlier this year.
Digital assets meet tradfi in London at the fmls25
Regulatory Climate Fuels
Crypto Interest
Both
companies benefited from improved regulatory conditions for digital assets
under the Trump administration, which has taken a more favorable stance toward
cryptocurrency businesses compared to previous oversight approaches.
“Gemini
has chosen the perfect time to capitalize on the favorable environment,
following the recent success of the Bullish IPO and regulatory shifts from a
pro-crypto administration,” said Jacob Zuller, analyst at Third Bridge,
quoted by Reuters.
Mike Cagney, the Co-Founder of Figure
Figure Co-Founder
Mike Cagney, who previously built fintech lender SoFi Technologies, positioned
his company differently from pure cryptocurrency plays that have struggled as
digital asset mania cooled. “Blockchain never loses an opportunity to
shoot itself in the foot,” Cagney told Reuters, emphasizing that treasury
strategies don’t represent the technology’s full potential.
Figure Focuses on Home
Lending Infrastructure
Figure
developed its own Provenance blockchain to handle home equity loan origination,
verification and processing. The company facilitated $6 billion in home equity
lending over the 12 months ending June 30, up
29% from the previous year.
Cagney said
10 of the top 20 mortgage companies now use Figure’s technology for loan
origination. “There are 20 or more large banks already using
Provenance,” added David Chao, general partner at early investor DCM
Ventures.
The
approach has helped Figure avoid the sharp stock price drops that hit companies
focused primarily on holding digital assets as investment vehicles.
Winklevoss Twins Stage
Comeback
Gemini’s
successful debut represents a notable turnaround for the Winklevoss brothers,
whose company had faced regulatory
scrutiny from the SEC and CFTC in recent years. The twins now hold roughly
75 million shares worth approximately $2.78 billion based on the IPO price.
The
exchange reported a net loss
of $282.5 million in the first half of 2025, significantly higher than the
$41.4 million loss in the same period last year. However, analysts expect
trading volumes to increase as institutional adoption accelerates.
“We’re
really excited to go into this next phase, improve transparency even further,
to the marketplace and to our partners,” said Dan Chen, Gemini’s chief
financial officer.
Market Timing Proves
Crucial
Both
offerings were heavily oversubscribed, with
Gemini’s IPO receiving 20 times more demand than shares available. Nasdaq’s
$50 million investment in Gemini earlier this week likely boosted investor
confidence in the exchange.
The debuts
add to
momentum from cryptocurrency exchange Bullish, whose shares more than
doubled in their first trade last month. Swedish fintech Klarna also
went public successfully Wednesday, suggesting broader appetite for
financial technology companies.
Gemini
joins Coinbase
and Bullish as publicly traded cryptocurrency exchanges, while Robinhood
also operates digital asset trading alongside its other financial services.